Apple Wants to Take a Billion Dollar Bite Out of Dr. Dre’s Beats
Hang onto your wallet, Diddy! Dr. Dre is poised to be hip-hop first billionaire.
Compton’s own Good Doctor is reportedly thisclose to closing a deal with Apple that will catapult him into the realm of the mega-rich. The computer colossus is orchestrating an offer to purchase Beats Electronics for a cool $3.2 billion, The Wall Street Journal said Friday.
Beats Electronics was founded in 2008 by Dre and Interscope records boss Jimmy Iovine. The company went on to pioneer the boutique headphone craze. In January, Beats introduced a music streaming service — to rival Spotify and Apple’s own iTunes. The blockbuster acquisition isn’t a done deal just yet, but there’s speculation that Apple’s big buy could be announced as early as next week.
Dre, on the other hand, is already popping out the bubbly. The NWA legend was loose-lipped about the reported deal as her reveled with pal Tyrese in a drunken selfie uploaded to the Web late Thursday. An exuberant Dre bellows:
“The first billionaire in hip-hop, right here from the muthaf**kin’ West Coast.”
Worth an estimated $550 million, Dre ranked second in Forbes magazine’s recent ranking of rap’s richest emcees. Diddy was first, with a worth reported at $700 million. Jay Z ($520 million) rounded out the top three.
If Beats Electronics is purchased, it would be the most expensive acquisition in Apple history.